Werner Seifert, the former chief executive of Deutsche Börse who lost his job yesterday following his failed bid for the London Stock Exchange, is in line for a payout of at least €3m ($3.9m). This comes as the hedge fund responsible for his resignation said it could back a new LSE bid on the right terms.

Seifert has a five-year employment contract, renewed on August 1 2001, which was due to run out at the end of July next year. Under German law Seifert, who was paid just under €2.6m in salary and bonus last year, is entitled to be paid out in full despite leaving the exchange early.